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2. What do Banks do?

Other features

Banks can also give other features to consumers, such as:

  • Instant access to cash (hole in the wall cash machines)
  • Advice on financial matters
  • Methods to make international payments. Increasingly banks offer electronic transfer of money through systems such as BACS
  • Offering special offers to customers, including arranging travel insurance. Increasingly many current accounts come with a range of extras, such as free travel insurance, free membership of the AA

Banking in the UK is a very profitable enterprise because there is a lack of competition. The market is dominated by the top 10 banks and in particular the big 5 banks.

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